Date
15 December 2017
Global Advisors says its bitcoin fund accounts are administered independently. Photo: Bloomberg
Global Advisors says its bitcoin fund accounts are administered independently. Photo: Bloomberg

HSBC unit cancels bitcoin account

Hongkong and Shanghai Banking Corp., a unit of HSBC Holdings Plc. (00005.HK), has decided to cancel a bitcoin account over money laundering concerns, the Hong Kong Economic Journal reported Wednesday. 

The account is owned by Global Advisors Bitcoin Investment Fund Plc., the first regulated fund investing in the virtual currency, which was given 60 days to close it.

Global Advisors partner Jean-Marie Mognetti said only its operating account has been canceled.

Client funds in the four-month-old business are not affected, he was quoted as saying.

He said its bitcoin fund accounts are managed independently. 

Global Advisors has been doing business with the HSBC Holdings Plc. subsidiary for 15 years.

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